The industrial paints and coatings market has been celebrating exponential growth since the last couple of years. Driven by high demand generated in the global building and construction industry, the market for industrial paints and coatings is predicted to expand further in approaching years. The spurt of construction activities witnessed by developing countries across Asia Pacific, Latin America, East Europe and Middle East has contributed considerably to the growth of the global paints and coatings market.
Industrial Paints and Coatings: Global Market Trends and Overview
Paint is basically a pigmented liquid which when applied to any surface in a thin layer converts into a solid film. It is available in a variety of colors and types like watercolor or synthetic. Coatings, on the other hand, are applied to cover objects either partially or completely. Architectural paints and coatings, better known as decorative or building paints protect building from weather extremities, damp, corrosion, and so on, apart from beautifying it.Coatings are also used to make industrial products more marketable by improving their appearance.
In the past couple of years, the industrial paints and coatings market has registered a steady upward rise in its growth pattern. According to a research report published by a leading market research company, Asia Pacific was recognized as the largest market for paint and coating in 2013.Furthermore in the year 2010 China surpassed US to emerge as the largest passenger car market across the globe. China’s flourishing automotive industry created a lucrative opportunity for the industrial paints and coatings market to capitalize on. Similarly, India also has registered a steady increase in its per capita income in the last decade that gave a major impetus to its real estate sector. The growth of the real estate sector in India positively impacted its regional market for paints and coatings.
Industrial Paints and Coatings Market Segmentation
Industrial paints and coatings can be segmented into three broad categories depending on their end use vis-à-vis architectural and decorative, industrial and marine.Architectural paints and coatings are mainly applied on the interior and exterior walls of corporate or residential buildings. Based on their formulation, the architectural and decorative paint can be categorized into solvent based and water based.This category of paint is further subdivided into emulsions and distempers. Industrial paints have multifaceted uses. They are used extensively by many industries including manufacturing, consumer goods and automotive. The market for industrial paints and coatings can be classified into categories like water based, solvent based, powder and UV based. It is largely driven by factors like rising level of income, growing urbanization and improved average disposable income of individuals worldwide.
Global Outlook and Growth Prospects
The recent activities and approaches taken by industrial paints and coatings market connote its growing association with developing countries. Studies suggest that major vendors operating in the market are keen to enter into an alliance with regional small and large organizations of developing countries located in Asia Pacific, Latin America, the Middle East and Eastern Europe. Market leaders in industrial paints and coatings industry, such as AkzoNobel N.V., PPG Industries, The Sherwin-William Company, RPM International, Kansai Paint Company and Valspar Corporations have ventured into businesses across developing economies to capitalize on their growing opportunities. The market for industrial paints and coatings is especially thriving in countries like India and China that are witnessing major increase in civil construction activities. Industries located in the region like automotive, construction, shipbuilding, wood manufacturing, etc. have also come across as major coating buyers.
Restraints and Opportunities
The escalating price of raw materials is emerging as a major bottleneck for the global paints and coatings industry. The volume of sales is further affected by the increasing trend of using alternate material for building the exterior wall of corporate buildings. The best way to thwart these growing challenges faced by industrial paints and coatings market is to adopt innovative technologies of production and manufacturing. For instance, the global paints and coatings market can adopt green coating technology that would curb the rate of pollution as well as encourage end users to take purchase decisions in favor of the industry.
In a recent development, the change of government in India in 2014 has attracted many neighboring nations who have expressed their desire to enter into trade alliances with the country. All these factors are expected to positively boost the commerce of the Indian sub-continent, which will further propel the growth of the paint and coating industry in Asia Pacific. Industry experts suggest that its regional market for industrial paint and coating is expected to register highest and fastest growth by 2020.According to a newly published market report, the worth of the global paints and coatings market is expected to grow from US$121.9 billion in 2013 to an estimated value of US$176.5 billion in 2020. The compounded annual growth rate (CAGR) is expected to be around 5.5% during 2014 to 2020.
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